Final Piece of The Rock

The area immediately surrounding the Prudential Center is not technically owned by the city of Newark, which could have caused some serious legal and financial complications. To prevent that, a series of real estate transactions are expected to be formalized today.

According to today's Star-Ledger, when the dust settles the city will own the 22 acres surrounding the arena, the Devils will be able to finalize their share of the arena's financing, and the city can move forward with plans to improve the downtown area immediately surrounding the Rock.

In many ways, the closing must happen now. Newark has spent the $220 million it pledged to contribute to the construction of the arena . In order to continue building, the Devils must produce their financing and need the land swaps to be finalized to get it.

"There's nothing else. The land swaps are the last piece," said Devils owner Jeff Vanderbeek. He announced yesterday that the Devils will play their first home game on Oct. 27, two days after Bon Jovi officially opens the arena. "Negotiations take time but as you can see when you look out the window, we've built an arena."

The completion of the land exchanges is also necessary for the city to secure the rights of way to complete critical road improvements, such as the widening of Mulberry Street and the straightening of Lafayette Street. Another set of land swaps is still necessary for the city to build a planned Triangle Park leading to the arena from Newark Penn Station.

The Devils and the city are as confident as ever that construction on the arena will be completed on time. Otherwise they'll have tens of thousands of angry Bon Jovi fans on their hands and no one wants that.